The financial services industry has been notoriously slow to adapt to the evolving technology landscape and its customers’ digital demands. In yet another twist to a modern tale, it was recently revealed that it was consumers who were leading yet another round of disruption in the banking and insurance sectors.
A report by Fujitsu financial services showed that 39% of the UK residents it surveyed would consider leaving their providers if they do not offer up-to-date technology. A fifth of respondents also said they would consider obtaining banking or insurance services from potential disruptors such as Google, Amazon or Facebook.
These changes in customer attitudes will unlock a wealth of opportunities for those who lead the technological change. However, they will also act as a massive wake-up call to traditional companies, which are running the risk of appearing irrelevant to digitally obsessed citizens. Consumers expect all services to which they subscribe to have an open communication channel that allows them to engage at the push of a button.
Our constant quest for convenience and collective expectations of instant gratification, where everything is just a click away, are increasing the technological pace. The digital demands of consumers are now driving technology forward when it was often thought to be the other way around.
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